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Invest in Maldives

a guide for foreign investors

CTL Strategies recognised in 2021 Rankings of Chambers and Partners

CTL Strategies LLP has been ranked in the 2021 edition of Chambers and Partners.

Chambers and Partners, often regarded as the “gold standard” in the legal profession, is an independent research company operating across 200 jurisdictions. Chambers deliver rankings and insight into the world’s leading lawyers and law firms. The rankings are based on in-depth interviews with lawyers, in-house counsel of clients and independent experts.

The Guide remarks that the “firm has a significant focus on tax matters and earns considerable market respect in this regard. Its experience includes tax litigation and corporate services. It is heralded by sources as “up-and-coming”.

Recent Updates

Overview of the 2nd Amendment to the Income Tax Regulation

The Second Amendment to the Income Tax Regulation (the “Amendment”) was published in the Government Gazette on 19 April 2021. Some of the significant changes introduced via the Amendment relates to the tax treatment of payments made under an operating lease, capitalised borrowing costs and withholding tax refunds.

Our Overview covers the following key areas of the Amendment:

  • Employee Withholding Tax
  • Non-resident Withholding Tax
  • Capital Allowance
  • Submission of Income Tax Return
  • Operating Lease
  • Tax Avoidance

Government of Maldives has Announced IFBs For Development of Tourist Resorts

The Government of Maldives has announced that it is seeking bids for the lease, development, operation and management of tourist resorts on several uninhibited islands and plots of lands on uninhabited islands in the Maldives. 

The invitation for bids (IFBs) announced by the Ministry of Tourism on 8 April 2021, invites both local and foreign investors to submit their interest to develop a tourist resort on any of the below 23 plots and/or islands opened for bidding.   

# Atoll and Island Name Estimated Size (Ha)
1 HA. Velifinolhu 4.1
2 HA. Alidhuffarufinolhu 3.00
3 HDh. Kudafarufasgan’du 1.20
4 M. Seedheehuraa 1.28
5 M.Seedheehuraa Veligan’du (with Seedheehuraa) 3.0
6 M. Maausfushi 20.4
7 Th. Kaaddoo 3.9
8 Th. Kanimeedhoo (10 Ha from North) 10.0
9 Th. Olhufushi 3.0
10 Th. Olhufushifinolhu (with Olhufushi) 0.54
11 L. Kashidhoo 3.1
12 L. Bodumun’yafushi 3.0
13 L. Dhonberahaa 1.44
14 L.Holhurahaa (with Dhonberahaa) 0.6
15 GA. (Maarehaa) 17.0
16 GA. Fundhooviligilla 5.0
17 GDh. Kan’dhalagalaa 7.4
18 GDh.  Kadevaarehaa (with Dhigurehaa) 4.3
19 GDh. Dhigurehaa 2.1
20 GDh. Fereythaviligilla (as a cluster) 1.4
21 GDh. Dhekaan’baa (with Fereythaviligilla) 2.39
22 GDh. Koderataaa (with Fereythaviligilla)  2.5
23 An Island on 0°22’12.86”N 73°1’28.98”E (with Fereythavilligilla)  2.97

Interested parties are to submit their requests to the Ministry of Tourism before 12:00 pm on 28 April 2021, to join the virtual information session scheduled for 10:00 am on 29 April 2021. 

The last day of availability of the Bid Document is 6 June 2021 and the deadline to submit the proposals is 10:00 am on 10 June 2021. 

Photo by Hoodh Ahmed on Unsplash

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4th Amendment to Tax Administration Regulation

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